The Federal Board of Revenue (FBR) has collected Rs 584.366 billion during the first eight months (July-February) of 2007-2008 against Rs 515.1 billion in the corresponding period last year, showing a growth of 13.4 percent.
According to the recent figures released by FBR Member Fiscal Research and Statistics (FRS), Dr Ather Maqsood Ahmed on Wednesday, the net collection during February 2008 was Rs 71.75 billion against the monthly target of Rs 68.2 billion, reflecting a growth of Rs 3.55 billion. The updated data has been compiled on receiving revenue collection from far flung areas and compilation of data on national level.
Break-up revealed that direct taxes collection was Rs 215.64 billion in July-February (2007-2008) against Rs 198.93 billion in the corresponding period last fiscal, showing a growth of 8.4 percent. Indirect taxes collection stood at Rs 368.72 billion first eight months (July-February) of current fiscal against Rs 316.36 billion, showing a growth of 16.6 percent.
Sales tax collection was Rs 228 billion during the period under review against Rs 194.73 billion in the same period last fiscal, reflecting an increase of 17.1 percent. Sales tax collection at the import stage was Rs 126.01 billion against Rs 111.63 billion, showing a growth of 12.9 percent. The sales tax collected on domestic consumption was Rs 102 billion against Rs 83 billion in the same period last fiscal, showing an increase of 22.8 percent.
The latest figures showed that the federal excise duty (FED) collection was Rs 54.03 billion against Rs 41 billion with an increase of 29.5 percent. The collection of customs duty was Rs 86.62 billion in July-February (2007-2008) against Rs 79.68 billion, showing a growth of 8.7 percent.
The board has paid a total of Rs 45.096 billion as refund and rebate to the exporters during first eight months (July-February) of 2007-2008 against Rs 58.697 billion in the corresponding period last fiscal, showing a decrease of 23.2 percent.
During July-February (2007-2008), sales tax refund stood at Rs 18.66 billion against Rs 27.2 billion, reflecting a decrease of 31.4 percent. Sales tax refund at the import stage was Rs 66 million, whereas refund on domestic consumption was Rs 18.60 billion.
The income tax refund of Rs 18.045 billion was paid during the period under review against Rs 21.768 billion, reflecting a decrease of 37.1 percent. The rebate of customs duty of Rs 8.36 billion was paid to the exporters during July-February 2007-2008 against Rs 9.61 billion, showing a decease of 13 percent.
The updated data further disclosed that FBR has collected Rs 71.75 billion in February 2008 against Rs 52.4 billion during February 2007, showing a net growth of Rs 19.35 billion. The revenue on account of direct taxes has risen sharply from Rs 13.8 billion last February to Rs 23.97 billion in February 2008. The sales tax collection was Rs 28.84 billion against Rs 23.7 billion of last February.
The collection of federal excise duty (FED) was Rs 7.9 billion against Rs 5.6 billion, showing an extraordinary growth of 40.8 percent. The collection of customs duty was Rs 11.2 billion in February 2008 against Rs 9.3 billion of last February, showing a healthy growth of 19.9 percent.
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